The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1887-03-18

THs Bio DEAL OYF.-NEw York, March IL.
Tho negotiation between Garrett and tho
Richmond Terminal Company has fallen
through, and the deal 10 off. A new proposi-
tion is now being considered by Garrett, and
negotiations arc now on foot for the transfer Of
the control OF the Baltimore and Ohio to .
syndicate Of private bankers.
The arrangement for tho purcha5e Of the
control Of the Baltimore and Ohio Road by
private syndicate, in which President Garrett
will have an interest; contemplates placing the
stock in collateral trust for q new company
and issuing bonds secured by this trust to tho
amount Of SIC, 1000, 900. These bonds are to be
taken as part payment Of the stock. The new
company will issue $50, 100000 in stock, and
holders Of outstanding Baltimore mud Ohio
stock will receive three shares Of new stock
for one share Of old. The new stock will be
listed on the New York Stock Exchange on tho
present basis Of earnings. and will receive
dividends at the rate OF six per cent. per an-
num- The express business, paror cars aud
telegraph lines will be sold at the best oppor-
tuuity, but until that is doae will be operated
as heretofore. Some difficulties in the way of
the deal are said to DO the Staten Island con-
traoIs and the attitude Of the Pennsylvania
Railroad Company.
BALTIMORE, March IA private dispatch
received in this city this afternoon from Now
York says:
The deal is not off aud it will be consum-
mated
The following has just been issued from the
Baltmore Q and Ohio Railroad office:
MIR. CARROTS attention was called 10 the
newspaper reports regarding tho proposed ra il
way arrangements. He refused to talk further
upon the subject, but said that whatever ar
rangements were made would commend them
selves to the community Of Baltimore, aud be
recognized as protective, wise and valuable to
all interests involved.
Terms OF The New DxAL.-NEw YonK,
March 1.-THE following statement is made
by ono Of the syndicate, which Is about to nc
quire control Of tho Baltimore and Ohio Road {:
President Garrett has granted an extension
Of time in which to take up the majority Of
the stock, and he will not hold out on single
technically regarding the exact terms or time.
There is no opinion given by ono person, but
written agreement Is in this city giving cer-
tain party the right to buy the stock, and this
party, although not mentioned in the contract,
is clearly understood by both Garrett and the
parties conducting the negotiations
The price Is not more than 200, but whether
IL is less or not will not say. Garrett will be
represented in the syndicate and Gould will
also lie represented there. The sale Of the
property when eliminated will bring about the
settlement Of the question OF entering Now
York city, and the telegraph and express lines
will be sold. Sully has the same interest as
before in the syndicate and oil interests are
working In harmony. The negotiations refer
ring to o sale TO the Richmond Terminal failed
on account Of the refusal Of the executive c,m-
mittee yesterday 10 consent TO the issue Of the
additional stock necessary.
The stock will be paid for in Gosh, which
will either be subscribed at once by the syndi-
cate or loaned by tho First National Bank,
Drexel, Morgan & Co., or Winslow, Lance s. Co.,
who will issue negotiable certificates for it.
The probability at present. however. Is that
the necessary Gosh will be subscribed. Tho
formation Of new company is not oontempIa-
the Richmond Terminal Company, but ut
higher price than that paid by the syndicate